Oil Tanks As Stocks Drift On Range-Bound Volumeless Day

Stocks saw their lowest range day of the year so far today - and one of the lowest volume days - with today's laggard yesterday's big winner Russell 2000. Financiasls surged today and Energy dropped to worst performer on the year. Treasuries drifted sideways to very modestly lower in yield even as the USD weakened (led by AUD, CAD, and GDP strength). USDJPY and stocks were generally well coupled once again. Gold and silver leaked higher but today's biggest mover was WTI crude which tumbled back to around $101 (-1.4% on the week). High yield credit spreads flatlined with late weakness but HYG (the HY bond ETF) was notably weak all day. A late-day VIX smackdown tried to take the S&P cash into the green (mission accomplished) and new record highs - but it failed. Not exactly the high conviction, break to new highs push so many had hoped for as everyone eyes Friday's NFP (and ignores today's ADP and ISM Services - and China's Composite PMI).

VIX was slammed to try and save the day green for the S&P...

A low range and low volume day for stocks

As broad equity indices went sideways to lower... The Dow suffered thanks to Exxon and Visa ( accounting for all 35 points between them)...

USDJPY was in charge...

Financials had a big day despite the market going nowhere but energy was monkey-hammered to the worst-performer of 2014...

We thought this might interest some... it's been a mixed year for the fantasy five...

Treasuries trod water...

Gold and Silver rose modestly but WTI was the big loser...

This is oil's biggest 2-day drop since the start of the year...

Credit markets appeared to weaken after playing catchup to stocks though the HYG ETF was weak all day...

We are sure today's lack of collapse will be viewed as extremely bullish... we are not so sure.

Charts: Bloomberg

Bonus Chart: For the last f**king time!!! No, the fundamentals are not picking up...!

Bonus Chart: For the last f**king time!!! No, the fundamentals are not picking up...!

Here's an Obamaphone. Call somebody who will listen to you. I've been saying August of last year was the peak and we've been sledding downhill since then. Nobody cares. Least of all "the market" (if there is such a thing).

Macros are hitting lows as the market makes new highs, the worse it gets the more Yellen will increasing QE which is a done deal at this point its just a matter of how high she will raise it and when she will do it.

Now we are waiting to see how bad the employment situation is. I am thinking if it is terrible we only go up around 1%, if its consensus maybe up 1.5% and if its good we will be up 2-3%. With the reasons being; MOAR, any day now..., and green shoots respectively.

Will a product of some old ripe pears we had lying around work (had almost a half ton, so we added some sugar and yeast and forgot about the mix for about a month, then distilled it in a straight pot-belly still)?

I get that everyone wants to blame weak economic numbers on the weather, but how in the hell does anyone know? I thought markets were supposed to dislike uncertainty. No one can tell you whether the economy is good or bad, so why on earth would you want to buy stocks at all time highs. This whole market is a joke.